In one of New York City’s most significant and exciting retail projects in recent memory, Prestige Properties announced today that it will develop The Mall at Bay Plaza, a new $270 million, 780,000-square-foot enclosed fashion mall anchored by a new Macy’s combined with an existing JC Penney. The three-level, state-of-the-art mall will be located on a corner parcel at Prestige’s thriving Bay Plaza Shopping Center in the Bronx, already the largest shopping center in New York City.

Not only is the new construction the first of its kind in New York City in almost 40 years, but Prestige Properties has secured Macy’s as The Mall at Bay Plaza’s second anchor tenant. The iconic retail giant will occupy 160,000 square feet on three floors, and will be an immediate draw for other national and regional retailers. The Mall at Bay Plaza is expected to create more than 2,000 construction jobs and more than 1,700 permanent jobs.

Complementing Bay Plaza Shopping Center’s existing roster of impressive retail tenants, The Mall at Bay Plaza and three-story Macy’s are poised to further elevate the entire center, which will approach a total of 2 million square feet.

“Prestige Properties’ Bay Plaza Shopping Center is already a great site of economic activity," said Mayor Michael R. Bloomberg. “Now, the addition of The Mall at Bay Plaza is great news not only for the Bronx – whose residents will have another great place to shop – but also for the entire city. A new mall means new job opportunities and new tax revenue, which will help boost our economy."

"Our new Macy’s store in Bay Plaza will help us to better serve customers and deepen our presence in the diverse and densely populated New York marketplace,” said Ron Klein, Macy’s Chief Stores Officer. “We will be tailoring our merchandise assortments of well-known brands to local customer needs, with an emphasis on the distinctive fashion, obvious value and exciting shopping experience for which Macy’s is known.”

"This project will bring new jobs and new business to the Bronx, and I am thrilled to welcome a new Macy's to our borough," said Bronx Borough President Ruben Diaz Jr. “Their decision to build a new store in the Bronx shows just how much opportunity our borough has to offer, and I thank the developer, Prestige Properties, for making this major project a reality for the Bronx.”

Located at the intersection of the Hutchinson Parkway and I-95, The Mall at Bay Plaza is scheduled to break ground in spring 2012, with the entire complex anticipated to open in fall 2013 or spring 2014, which also includes a 1,800-car parking garage. Being hailed as New York City’s most significant enclosed retail project in decades, The Mall at Bay Plaza has already drawn intense interest from dozens of other national and regional retailers eager to lease space at a retail destination that serves more than 4 million residents in just a 10-mile radius.

"We have had excellent success at Bay Plaza since its inception, and we are pleased and excited to bring this best-in-class, enclosed fashion mall to our community and the Bronx,” said Prestige Properties CEO & Chairman Sam Shalem. "We thank Mayor Bloomberg, Bronx Borough President Diaz and the people of the Bronx for their continued support and patronage."

"The Mall at Bay Plaza is a retailer's dream," said Welco Realty Principal Jerry Welkis, who along with Allen Cooperman leads all Bay Plaza leasing efforts on behalf of Prestige Properties. "With a perfect location, an existing powerhouse shopping platform and incredible highway access and transportation for shoppers, Prestige will deliver an even grander New York City shopping destination for a diverse and active consumer base."

For more information about retail leasing opportunities at The Mall at Bay Plaza, contact Jerry Welkis and Allan Cooperman of Welco Realty at (914) 576-7500, or visit The Mall at Bay Plaza online.